VIRGINIA BEACH
The houses will be extravagant. The prices promise to be as dizzying as ever. Only this year's Homearama - the annual showcasing of the latest high-end developments - will be much smaller, a victim of the sluggish economy.
October's Homearama in Ashville Park will feature seven homes, the fewest in the event's 26-year history. Only seven builders are participating, compared with 14 last year.
"The market is slow. I don't need to burden myself," said Bill Price, the owner of WATAB Construction Corp., who has built 12 homes for Homearama since 1982, but is sitting this one out. "I'd love to be in it, but I don't need another interest payment."
Price's 2007 Homearama house in Chesapeake's Edinburgh Meadows is still on the market. The stone-and-brick mansion, with a turret and five and a half bathrooms, has drawn some interest, but no contract, Price said.
He's not the only builder still focused on last year's inventory. The Edinburgh Meadows show drew a record 114,000 visitors, but six of the 17 homes are still for sale, in the $1 million range. The ones that did sell went before last fall's show, according to officials with the Tidewater Builders Association, the event's organizer.
For Lana O'Meara, who co-owns Designs of Distinction LTD of Chesapeake, the decision to pass on this year's show had more to do with distance.
The Homearama site near Pungo is too far to drive, O'Meara said.
"The cost of gas is a big factor," she said. "I believe it's the sign of the times. It's a different market."
Mary Prier, a spokeswoman for the TBA, predicted the show will still be a big draw.
Vendors' booths are filling up, and sponsorship of the event is on target, she said.
The association started Homearama to energize potential buyers during the 1980s economic downturn.
Visitors now come to get home improvement ideas, said Sam Cohen, the owner of Joey Corp. and chairman of this year's Homearama.
"Truthfully, 98 percent of all people come here for an idea; 1 or 2 percent come to buy their house," said Cohen, who is one of the seven builders this year. "People like to come to Home-arama and want to be wowed."
They won't be disappointed, Cohen said, with the houses going for between $1.1 million and $1.6 million.
Catherine Holder, the project manager of Ashville Park for L.M. Sandler & Sons, expects Homearama to give their development a public relations boost.
"In spite of the fact that it's not as many builders as they had last year, or the year before, we're still excited about hosting Homearama," Holder said. "All of us would rather be at the height of the market in opening this community or any community."
Deirdre Fernandes, (757) 222-5121, deirdre.fernandes@pilotonline.com
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It sounds like the CEO and Vice Presidents of Tidewater Builders Association will not be getting their bonuses that their employees work thier tails off during homearama for them to have. And omg what about the BMW's they drive that the association pays for? What will ever happen to them if Homearama is a total flop? Funny if you ask me! Good luck!
How about doing this
Those of you who can not afford your homearama homes or the builders who have not sold your homearama homes go on over to Tidewater Builders Association and ask on of the Vice Presidents or maybe even the CEO for financial help. I can assure you that their employees are working themselves to the bone to assure that they all get a very large paycheck twice a month and a sweat bonus everyyear after homearama. This is not counting the beautiful BMWs that they are all driving and the shinny Jags. I so wonder why it is that noone questions these things a bit more that they do. Such a wonderful company that over pays some and on the other. 420-2434 give them a call!
2006 Homarama
How many people can really afford these house monstrosities in this area? There are still some homes from the 2006 Homarama in Suffolk that still haven't sold.
over price cracker boxes
With all the Mc Mansions sitting empty now because theres not a salary base of potential home buyer here. The one living in the Mc Mansion now can barley afford them thanks to the lender approving people who should not be approved. Go ahead and built the Mc Mansions, nobody can buy around here.
Homearama for Poor People Comment
Two years ago the Norfolk Redevelopment Housing Authority sponsored the Homearoma in the Broadcreek neighborhood. Some homes were at $500K, but most were much less. And buyers could qualify for special financing assistance depending on your income level. It was the worst attended Homearama in history. Let's be realist, an average home show does not sell. That's why the homes are in the million dollar class - people want to see them and be "wowed". By the way, there are still plenty of homes available in Broadcreek.
Slow housing market
Since when? No one told me?
LOVE Ottoman's idea!
"An even better idea would be to take an older existing neighborhood and feature a group of homes that have been renovated so that people can see the possibilities...."
My neighborhood has many affordable houses for sale. Ours is a neighborhood going through a major transformation. It has a historical designation and is in an excellent location which makes it even more desireable. We'd like to have young familes/professionals to move into the neighborhood to share what we've long known to be true. Cradock is an excellent neighborhood - a diamond in the not-so-rough. With crime rates slashed by 45% and a renovated grocery store, florist, library, firestation within walking distance, it's an excellent choice for a home buyer who wants a home with good bones and grand potential. I'd like to echo Ottoman's idea. Let's create our own Homearama in Cradock to show folks what they've been missing!
Mobile-Homerama???
How about that? Have a mobile homerama to showcase some nice mobile homes in a newly built mobile home park. There are some nice mobile homes out there. That would be ideal for most of the people that live in this area. Maybe even a "pre-fab" homerama. They really need to start focusing on the majority of people that live here, not the elite few. Its ridiculous that they are building these million dollar homes when the market is so bad.
poor people Homearama....
What's wrong with having a Homearama where the most expensive house is around $225k? Let's show how less is more instead of showcasing these $500k+ houses that, after Homearama's "wow", stay vacant for years to come. With our present economy, I think Homearama needs to be cut back like everything else. I've never been to one cause all I ever hear from those who attend is how they are unhappy with their mansion and how they need to start rebuilding to keep up with those proverbial Jones', who have turned out to be not very good neighbors generally speaking!!
We'll be MIA again this year.
Knowing that these houses start at over a million dollars, we've not bothered attending the shows in past years.
If the average sale price in Hampton Roads is around $250,000 these days, I'm wondering why we don't start thinking of showing housing from $200,000 to $500,000 instead.
Anyhow, we'll be MIA again this year, but I hope they do well. Don't need any more people out of work.
Like my wife said....looking at six foot chandeliers isn't going to help her decorate a 2500 square foot house with only nine foot ceilings.
Government as partner?
Sorry Ethan, too many pages to read in that scam. The first ten years is nothing but an interest only loan anyway. Plus there's too many what ifs that involve the government. Easier to just say the heck with it, accept the lesson learned, and start over.
BOA was asked by the Fed to
BOA was asked by the Fed to purchase Countrywide.
7 houses and $4 gas
and I will not be going this year for sure.
How about bulding houses
How about bulding houses that the majority of the people can afford. Instead of just building houses people ride by and look at and dream of buying one day,knowing the reality of it is, they probably never will.
home sales and prices
How many million dollar homes sell in this area in a good economy? Maybe Homerama should feature homes in the median price range. I am sure most people would like to see what is possible in their price range.....
An even better idea would be to take an older existing neighborhood and feature a group of homes that have been renovated so that people can see the possibilities....
1/2 the houses, 1/2 of last year's admission charge?
I sure hope they drop the admission price to reflect the halved variety of homes!
Hot News
How about a document where Bank of America is pushing it on the gov't to buy all of their BAD LOANS that they made, so the taxpayers pick up paying for them? This is what Senator Dodd (recently busted as getting favors from Countrywide, which is failing, and Bank of America is buying) is pushing for!!
Here is the document that is getting all the attention now! It should be causing huge investigations. http://images.redstate.com/FHA%20Housing%20Stabilization%20.PDF
Council
Council approved this development with only a 2-lane road to access it. Hundreds of homes and right across the street their is another development fed by the same two lane road.Princess Anne Rd.When are they going to think about infrastructure???Waht was council thinking?I guess to busy counting countributions from developers?What happened to the green line???
Correct me if I'm wrong.
But wasn't Ashville Park one of those developments the local residents tried to get stopped but was over ruled by council?
I'm going!
I'm going for the first time since the 80s or early 90s. Time to start seeing what sells for what, so it's easier to figure out what 50% off will get people in 2 years. I think I saw some news that the FBI made around 400 arrests related to morgage/real estate/bank fraud today? I wonder how many other mortgage people aren't sleeping. It is my understanding that in order to buy homes, millions and millions of people used stated income loans where they put down lots of extra income that they make off to the side, that isn't verifiable by say... their TAX returns. Can you imagine if the IRS took all of those loan apps, and then said, hey, pay your taxes on your extra $8000/mo you make doing lawn care! I think it's a felony to lie on a loan app.